An Overview of the Fiscal Year 2025 New York State Budget Housing Package
On April 20, Governor Hochul and the New York State Legislature passed the Fiscal Year 2025 Budget. The budget adds a number of tools to the toolbox to build more housing in New York City by incentivizing affordable housing development, commercial to residential conversions, and accessory dwelling units. Hochul’s budget eliminates barriers caused by the 12 FAR cap and 421a construction deadline. AIA New York applauds Governor Hochul, Majority Leader Stewart-Cousins, Speaker Heastie, and members of the New York State Legislature for their diligent work in getting a comprehensive housing package passed and providing New York City with the much needed resources to tackle the ongoing housing crisis. AIANY looks forward to continuing to work with the State to add more pathways to build affordable housing in the future.